Caroline Goodall, chairman of the remuneration committee, said: "Total annual remuneration earned by our executive directors for the financial year 2016/17 was significantly less than that earned for the financial year 2015/16.

Clause 49 states that the board may set up a remuneration committee to determine on their behalf and on behalf of the shareholders with agreed terms of reference, the company's policy on specific remuneration packages for executive directors including pension rights and any compensation payment.

To meet this objective, the Government will introduce legislation to put beyond doubt that all loans or debts from a disguised remuneration scheme will be taxed as earnings if they haven't already been fully taxed or repaid on or before April 5, 2019.

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